The post Ethereum Reserves Hit $6B As Institutions Dump Bitcoin For ETH appeared first on Coinpedia Fintech News
Ethereum has been in the spotlight lately as major corporations and institutions continue to stack Ether in record amounts. Meanwhile, Ethereum ETFs are setting new inflow records, which shows rising institutional confidence in the asset.
Sharplink Raises Equity Offering, Buys More Ether
SharpLink Gaming, backed by Ethereum co-founder Joseph Lubin, is going all-in on Ether. In a latest update, the company revealed that it is boosting the amount of stock it plans to sell, from $1 billion to a massive $6 billion. Notably, the majority of it will be used to buy Ether.
After an increase in its share offering, SharpLink went on to buy another 32,892 ETH, worth $115 million. Between June 2 and July 15, the firm earned 415 ETH, worth $1.49 million, from staking rewards. Over the past nine days alone, SharpLink has added $515 million worth of Ether to its treasury.
SharpLink’s ETH holdings have now soared to over 321,000 ETH, worth around $1.1 billion, marking one of the boldest Ethereum treasury strategies in the corporate world.
More companies are shifting from Bitcoin to Ethereum, drawn by its real-world utility. Over the past 30 days, treasury-focused companies have snapped up more than 545,000 ETH worth $1.6 billion. Notably, the strategic ETH reserve has crossed $6 billion for the first time.
Bitmine Aims for 5% of All ETH
Bitmine Immersion Technologies has built a massive ETH position. It now holds over $1 billion in ETH and related assets. The firm holds about 300,657 ETH in total, including 60,000 ETH from options backed by $200 million in cash.
“We are well on our way to achieving our goal of acquiring and staking 5% of the overall ETH supply,” Thomas Lee said. Bitmine is aiming big as it plans to eventually own and stake 5% of all ETH.
Gamesquare Joins the Action
Gamesquare has also raised $70 million through a public offering. The funds will go toward expanding its Ethereum treasury, in partnership with crypto investment firm Dialectic. It has also
approved a $100 million plan to grow its Ethereum treasury.
Ethereum ETFs Hit New Highs
Ethereum ETFs topped $6 billion in total inflows yesterday, with BlackRock’s ETHA pulling in $546 million in inflows. Since mid-April, the spot Ethereum ETFs have attracted over $4 billion in net inflows, which is a clear sign of rising institutional interest in ETH. Ethereum is currently trading at $3,605,17, up 4.8% in the last 24 hours.